# Summary Statistics: Trilemma Panel

| Variable | N | Mean | Std | Min | Max |
|:---|---:|---:|---:|---:|---:|
| Monetary Independence | 7263 | 0.429 | 0.188 | 0.000 | 0.958 |
| Exchange Rate Stability | 9836 | 0.674 | 0.322 | 0.001 | 1.000 |
| Financial Openness | 7608 | 0.457 | 0.361 | 0.000 | 1.000 |
| Trilemma Sum | 6408 | 1.513 | 0.454 | 0.241 | 2.754 |
| MI Sacrifice (binary) | 7263 | 0.500 | 0.500 | 0.000 | 1.000 |
| IRR Coarse Regime (1-6) | 9851 | 2.053 | 1.471 | 1.000 | 6.000 |
| Regime 3-cat (1=peg,2=int,3=float) | 9851 | 1.412 | 0.706 | 1.000 | 3.000 |
| Peg (binary) | 9851 | 0.717 | 0.451 | 0.000 | 1.000 |
| Float (binary) | 9851 | 0.128 | 0.335 | 0.000 | 1.000 |
| Regime Transition | 9851 | 0.080 | 0.272 | 0.000 | 1.000 |
| Eurozone Member | 19115 | 0.023 | 0.151 | 0.000 | 1.000 |
| Current Account/GDP | 8386 | -2.054 | 13.114 | -242.976 | 314.906 |
| Z₁ (Demographics) | 19115 | -0.789 | 1.325 | -3.983 | 3.639 |
| Z₂ | 19115 | -12.361 | 20.502 | -60.887 | 71.552 |
| Z₃ | 19115 | -176.891 | 291.659 | -850.346 | 1248.352 |
| KAOPEN | 7848 | 0.027 | 1.559 | -1.939 | 2.281 |
| Old-age Dependency | 19115 | 0.107 | 0.073 | 0.010 | 1.099 |
| Youth Dependency | 19115 | 0.604 | 0.246 | 0.118 | 1.640 |
| Real GDP Growth | 8676 | 3.389 | 6.051 | -54.336 | 147.973 |
| NFA/GDP | 8488 | -0.230 | 1.516 | -46.386 | 15.699 |

*Panel: 237 countries, 1950-2024*


# Trilemma Corner Distribution

| Corner | Label | N | Share |
|:---|:---|---:|---:|
| 1 | Peg + Open (sacrifice MI) | 2775 | 0.278 |
| 2 | Float + Open (sacrifice ERS) | 3324 | 0.333 |
| 3 | Closed + Stable (sacrifice FO) | 3881 | 0.389 |


# IRR Coarse Regime Distribution

| Code | Label | N | Share |
|:---|:---|---:|---:|
| 1 | No separate legal tender / peg | 5214 | 0.529 |
| 2 | Crawling peg / narrow band | 1845 | 0.187 |
| 3 | Managed floating | 1527 | 0.155 |
| 4 | Freely floating | 140 | 0.014 |
| 5 | Freely falling | 566 | 0.057 |
| 6 | Dual market | 559 | 0.057 |